Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1887-12-07
The Imperative Necessity Of Reducing EI-
ceSSiYa Taxes
THE COUNTRTS FINANCIAL PERILS.
Millions Of Dollars Of Excessive Revenue An
uually Collected, RObbing Business and
Sapping National Wealth.
ON CONGRESS THE RESPONSIBILITY
Of Rsmsdying ths Evil-The Demand of the
People Mast be Heard-Both Parties
Pls,ssd 10 Revenue ReiOrm-A
Wise Revision Nee
eSSary.

eSSary.
WASHINGTON, December 6.-Promptly
at noon the nate met and Immediately
adjourned to await the Presidents mes
, sage.
The House adjourned for a similar pur-
pose, and shortly before o'clock both
Houses convened 20 hear the reading.
Following is the Presidents message:
To the Congress ofthe United States:
You are confronted at the threshold OF
your legislative duties with a condition OF
the national finances which imperatively
demands immediate and careful considera-
tion. The amount ol money annually ex-
acted, through the operation Of present
| laws from the industries and necessities OF
the ,,eople, largely exceeds the sum ueces,
sary 10 meet the expenses Of the govern
meut. When We consider that the theory
of our institutions guarantees to every cit
izen the full enjoyment of all the fruits Of
his industry and enterprise, with only
such deduction ~ may be his share
towards the careful ard economical
maintenance of the Government which
protects him. 1t is plain that the eXac'
tiCn o. more than this is iudefeusihle eN-
tortion, and a culpable betrayal OF Ameri-
can fairness and Justice. This wrong in
tlicted upon those who bear the burden OF
national taxation, like other wrongs, null
tiplies brood of evil consequences. The
public treasury, which should only exist
is 4 conduit conveying the peoples tribute
to its legitimate objects Of expenditure,
becomes q boarding place for money need
!essly withdrawn from trade and the peo-
pies use, thus cripphUg our national en-
er.ies, suspeGdinG our corntry's develop
mgnt. preventing investment in product
i've enterprise, threatening financial dis
turbance. aud inviting schemes OF public
plunder. This condition Of our treasury
il not altogether new, aud it has more
than once Of late been submitted to
THE PEOPLES REPRESENTATIVES
lin the Congress, who alone can apply q
remedy. And yet the situation still con-
tiuues, with aggravated incidents, more
than ever presaging financial Conyulsior
and widespread disaster. 1t will not de
to negicc. this situation because its dan
gers are not now palpahly imminent and
apparent. They exist none the less Ger
tainly and await the unforeseen and unex
pected occasion when suddenly they viii
be precipitated upon US.
o On the 3Oth of June, 1895, the excess o
, revenues over public expenditures ate
: complying With the annual requirement
oftbe sinking fund act, was ST., $50. 735 81
during the year ended June so, 1886, sucl
excess amounted 10 $40, 4O5, 545 30, and dur
iuc the year ended June 50, 1887,
reached the sum of $50, 567, sl9.54.
D FINANCIAL Danger.
. The annual contributions to the sinkini
fund during the three years above sPeci
: tiei. omcurt,gg in the aggregate to Sl3S,
p O57. 32u "a. ani deducted from the surplu
"a stated, were made By calling IN FOR III
purpose outstanding 3 per cent. bonds O
the Government. Daring the six month
prior 10 Juae 30, lSS7, the surplus reve
e nue. had grown so large by repeated accu
: mulatiouS, and it was feared the with
drswal of this great sum OF money needed
by the people would so affect the bushes
! of the country that the sum of $40, S64, lOt
of such surplus was applied t
the payment Of the principal ant
interest of the three per cent. bonds still
outstanding, ami which were then payabss
AZ the option of the Government. Th,
nresarious condition of financial affairs
among the people still needing relief, i'm
medistely after the Both day Of June, 1887
the remainder Of the three per cent. bonds
/ then outstanding, amounting with princi
mai ard interest TO the sum of SIS, ,STT, 800
we're called in and applied u the sinking
fund contribution for the current bscs
ypar Notwithstanding these operations
of the Treasury Department representa-
tlDl9 OF ulSIESSS III NANASS -SN 49,
contiuas1. but increased, end
ABSOLUTE rEsIL SEEMED
at hand. In these circumstances the con
tribution to the shaking fund for the cur
rant fiscal year was st once completed Oy
the "a uaniitnre of 81, ,6S4, 233 80 IN the
pprchase of Goyerumeut bonds not yet due
hearing four aud four and G hslf E9r cent.
interest. the premium paid thereon aFeTaS )
1 ipy ab5Es twenty-touT per cent. foE tHe
fo;mer and eight per cent for tue latter'
In addition to this the interest scoruipe
duripg the cuIr,Et year upon Tue out
standing bonded Indebtedness OF the Gov'
.rnpsnt WAS 10 some extent anticipated,
aud hanks selected as repositories OF pub
lie money were permitted to somewhat IN
orsa.s their deposits. While the expedlents
thus employed to release to the people tne
money lying ;dls ir the treasury served N te
| remit immediate danger eur satpiuS
rsvenues have continued to accumulate
the excess for the present year
an,orntip0 on the first day OF
naconher to SIS. 255, 70l.l3, and
estimated to reach Sll3, 10000 on the
90tb of lime next, at which date 1t Is ex-
Dectsd that this sum. added to prior accu
%nIst;ons, will swell the surplus in tht
Treasury to $40, 600, 600. There seems .S t.
bs NO assurance that, Eith ouch WITH
Jrawai from use of the people' circulatias
u'sdinm our business community may no
\ in the near future be subjected 70 the sapl'
1 distress which was quite lately produces
4 from the same cause. ana "nue tI'
! functions of our National treasury shout'
he few and ample, and while It's best con
S;tion would be reached, ] believe, by II
entire disconnection with private interests
len%~ -. ,,.-yarS;on of ifa purDoses